Underwhelming BTO Exercise in October

October’s BTO exercise saw an “underwhelming” application rate of only 1.4, with only 9848 applications for the 6800 units available.

The notable decline may be due to the newly introduced penalties for the non-selection of flats.

Prior to this BTO exercise, first-timer applicants could reject HDB’s offer twice without being penalised. The rejection of the flat would now relegate first-timer applicants to the status of second-timers.

With the stricter regulations, some may be sitting on the application, in anticipation of projects available in December’s sale exercise. Some others may also have been awaiting the HDB flat eligibility (HFE) letter, a prerequisite for the purchase of HDB flats, be it from the primary or secondary market.

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